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Libya: Foreign oil firms must take on Libyan names
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SPECIAL TO WORLD TRIBUNE.COM
Friday, April 27, 2007
CAIRO — Libya has ordered foreign energy firms to adopt local
names.
The Libyan National Oil Corp. said Western energy majors must change
their names to reflect the geography and culture of the North African
country. Officials said several companies have already done so.
"Libya holds the majority of the shares in the local subsidiaries of
these companies," NOC president Shukri Ghanem said. "So it was fitting that
they on take names that reflect national symbols."
So far, France's Total has changed its name to "Mabruk Oil." Spain's
Repsol became "Akakoss Petroleum Operations," and Italy's Eni was renamed
"Mellita Gas." Officials said the new names, most of which cite areas of
Libya, would be used in all contracts.
Copyright © 2007 East West
Services, Inc.
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